A Jewelry Appraiser's Advice - Questions to Ask Your Insurance Company[1]

1.   Is a jewelry appraisal necessary for full coverage?
2.   Will my claim, and replacement value, be more readily accepted if the jewelry appraisal has been performed by a trained jewelry appraiser?
3.   What is the difference between scheduled and unscheduled coverage?
4.   Is there a deductible, if so, how much is it? Do I have the option to increase the deductible and thus lower the premium?
5.   Is my policy all-risk (par loss, damage, mysterious disappearance, etc.)?
6.   Am I still covered if there is negligence or carelessness involved?
7.   Is the item covered if lost, stolen or damaged while in the possession of someone else? What if only a part is lost, stolen or damaged while in the possession of someone else?
8.   If there is a loss, do I have a choice of a full cash-out or will I have to accept less?
9.   Can I go to whomever I wish for the replacement?
10.   If a loss has been replaced through an insurance company source, will I be allowed to verify proper replacement by an independent firm or jewelry appraiser?
11.   Are there any geographical limitations to my coverage?
12.   How much will it cost per thousand for full coverage? And what is the cost for a partial coverage? What do I sacrifice for the limitations?
13.   Is depreciation ever imposed? How is it computed?
14.   How often should I have a jewelry appraisal updated?
15.   Am I limited to the appraised replacement cost should there be sizable increase in the value?
16.   If there is damage to a piece, can I replace it or will I be limited to repair?
17.   What if the lost item is irreplaceable, like an antique?
18.   Are there any security precautions required? If not, would there be a premium savings if special precautions were taken, e.g., the items were kept in a home safe or in a safety deposit box when not being worn?
19.   What proof is needed to justify a claim?
20.   Are there different kinds of jewelry insurance available?
21.   Are there any exclusions?
22.   What is the pair and set clause? Will the insurance cover an additional amount for matching a missing item in a set if it hasn't been computed and stated?
23.   What types of property are not covered?
24.   Will you show me the actual language in the policy which addresses each concern I've expressed?


[1] Based to a great entent on - Jewelry Appraisal Guidelines by Cos Altobelli, American Gem Society, 1981, page 28.

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